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WINNIPEG, Manitoba–The ICE Futures canola market was lower on Tuesday following a sharp decline in crude oil. Crude oil fell by nearly $2 per barrel on Tuesday due to weakened demand. In turn, European rapeseed and Malaysian palm oil were also down with the latter resuming trading after a holiday. At mid-afternoon, the Canadian dollar lost more than one-half of a United States cent compared to Monday’s close, giving canola prices some support. Statistics Canada will release its first survey-based seeding intentions report for 2023-24 on Wednesday morning, with the trade anticipating Canadian canola acres to increase to 22 million from 21.4 million the previous year. About 27,144 canola contracts were traded on Tuesday, which compares with Monday when 26,836 contracts changed hands. Spreading accounted for 17,228 of the contracts traded. Settlement prices are in Canadian dollars per metric tonne. Canola Price Change May 764.80 dn 3.00 Jul 726.40 dn 1.30 Nov 695.00 dn 2.40 Jan 699.90 dn 2.30 Spread trade prices are in Canadian dollars and the volume represents the number of spreads: Months Prices Volume May/Jul 46.70 over to 35.40 over 3,532 May/Nov 78.90 over to 70.60 over 11 Jul/Nov 32.70 over to 30.30 over 4,384 Jul/Jan […]
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